Sunday, March 27, 2016

"Unified board OKs $20 million in potential borrowing"

"RACINE — With
potential future building purchases and renovations in mind, the Racine
Unified School Board recently approved the district borrowing up to $20
million in general obligation bonds.

"The
resolution, approved by the board in a 6-3 vote on March 22, doesn’t
approve any spending per se, nor does it allow the district to take out
any money without further board action, but it will allow the district
to move more quickly in buying property in the future, such as the
Sturtevant Sportsplex, explained Unified Chief Operations Officer Dave
Hazen.

"Despite skepticism from
several board members, Hazen repeatedly and indignantly insisted to
doubters that the board would have to approve every project paid for
with this borrowing authority.

"'This is not borrowing money,' Hazen
said emphatically in an interview after the meeting, speaking of the
board’s action Monday night. 'This is only getting the ability, the
legal ability … it’s getting the authority, so if future projects have
merit and the board chooses that they have merit, then there’s a method
to pay for them.'

"He likened the resolution to getting pre-approval to take out a loan from the bank.

Potential uses

"Hazen
said the district has no set plan for the bonds, but said the money
could be used for a number of tentative projects, including the purchase
of the Sturtevant Sportsplex, 10116 Stellar Ave., which the district
has a tentative agreement to buy for $5.2 million, pending board
approval.

"Other potential uses
for the borrowing authority could be an upcoming $7 million overhaul of
the Jerstad-Agerholm schools’ heating, ventilating and air conditioning
system, a new pool at Case High School and renovations to the Sturtevant
Sportsplex if the board approves buying it.

"Funds
used to repay the debt will depend on the type of project, but Hazen
said property purchases or 2014 referendum-related projects would not
increase taxes. He reiterated that referendum funds would not be used to
pay off debt on the potential purchase of the Sportsplex.

"However, the board has
ability to raise the tax levy to pay for projects done as energy savings
performance contracts, such as the Jerstad-Agerholm project, Hazen
said.

"The borrowing authority would expire after five years, Hazen said.

Board Reservations

"Several board members voiced
misgivings about approving the debt without a concrete plan of what the
money would be used for, especially with the knowledge that this funding
might be used to purchase the Sportsplex.

"'I’m
kind of disappointed that that we’re going to be asking the public for
the ability to borrow $20 million and not be able to supply any
specifics as to how, where and when this money is going to be used,”
said board member Dennis Wiser, later adding that he’d like a plan for
how the money would be used if specific projects, like the Sportsplex,
don’t come together.

"Board
members Don Nielsen and Mike Frontier expressed similar concerns and
joined Wiser in voting against the resolution on March 22.

"Hazen
repeatedly noted that the district would bring more specific plans of
how to use the money before each proposed use of the borrowing authority
— and the board would have to approve both the project and financing
the project through the bonds.

"Without
the bonding authority, Hazen said, the district likely wouldn’t be able
to quickly collect the money necessary for property purchases.

Art For Art's Sake

From rhe Shepherd Express
, Art Kumbalek comes with his column "Art For Art's Sake," more or less every Tuesday. Art's been doing this for more than 30 years, so he must have something to say.

Dear Madame Zoltar

Every Wednesday, Madame Zoltar responds to your queries and comments in her blog, Dear Madame Zoltar. Are the stars in your favor? What to do with that 401K? Find out by sending your questions and thoughts to: madamezoltar@jtirregulars.com

NORML

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